Global Prices of Wheat Could Further Surge As Australia Trims Down Wheat Output Target

By International Business Times,  September 10, 2012, 11:28:35 PM EDT

Prices of wheat in the global market could further escalate in the coming months as Australia, the world's No. 2 wheat exporter, had announced cuts in its wheat production forecast for the 2012/13 crop marketing year.

The Australian Bureau of Agricultural and Resource Economics and Science (ABARES), in its latest crop report released on Tuesday, slashed its projections by 7 per cent from its previous forecast of 24.1 million tonnes in June to 22.5 million tonnes this month.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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